Ever had the moment where your favorite team is loosing so you switch off the TV and hope for the best because watching makes to too anxious, sad or simply because not facing it makes you feel better?
While 2017 may have been the year of crypto, 2018 has been anything but and so far has kept investors on the edge, in turn, having a similar effect. Not wanting to face the huge losses, users have turned away from their exchange account resulting in a decline in traffic over the past 2-3 months.
Traffic Takes a Tumble
End of 2017 had everybody hooked to their exchange account with users looking for a score as pricing continued to peak but according to recent stats gathered using Similar Web traffic seems to tumble.
Coinbase, the biggest of the exchanges is said to have lost about 50% of the traffic. In December 2017, reported traffic was 170 million which dropped to about a whopping 65 million in February 2018 but Coinbase isn’t the only one.
Binance, another one of the exchanges giants lost more than half it’s traffic i.e. from 191 million in December to a mere 85 million in February. Bitfinex too saw a sharp drop in traffic going down from 35 million to 18 million. Kraken, Bittrex etc. are other exchanges amongst the other losers.
Bitcoin Transactions Take a Dip
According to experts, the poor performance of the crypto market as a whole is the main reason for the wholesome traffic dip but then we’re comparing it to the bullish period in the market which is sure to be hard to match right?
Furthermore, this drop in prices has also resulted in lower BTC transactions rather than the exchanges hiding the real figures as first suspected. Bitcoin transactions dropped to about 200,000 in February as compared to the 500,000 daily transactions recorded in December 2017 but there’s an upside to the drop too.
Not only does this drop pave way for new investors but has also resulted in fee drops making transactions cheaper. Yes, the drops are significant but considering the exchanges still get traffic in millions it’s not something they would lose sleep over.
So when do you think the next bullish period will hit again? Have you too stopped checking out your exchange account?